Marine Link
Wednesday, February 21, 2018

Oil And Gas Market News

MISC Profit Plunges

LNG Vessel - Seri Alam. Photo: MISC Berhad

Malaysia International Shipping Corporation Berhad (MISC)'s net profit plunged 87.1% to RM 68.2 million (USD 17.36 mln) for the fourth quarter ended December 31, 2017 compared with RM 529.8 million (USD 134.88 mln) in the previous corresponding period. MISC said the oversupply of tonnage and cut in global oil production by OPEC in 2017 will continue to weigh on the petroleum shipping segment in 2018. However, a smaller order book for tankers and robust oil demand projections amidst declining global crude inventory will help improve tanker supply-demand balance.

Salalah Port Expanding Services for 2018

Photo: Port of Salalah

The Port of Salalah completed its first ship to ship transfer operation (STST) at Salalah anchorage recently as part of the port’s expanding service offering in 2018. . The new service was performed by Fendercare Marine which transferred vegetable oil between the vessels NCC Nasma to Ariana while both were in the harbor anchorage. Port of Salalah CEO Andrew Dawes said “Our vision is to make our customer’s supply chains work better, more efficiently and safer. Our new offering of ship to ship transfer of bulk liquids is designed to serve the regional market and Africa’s economic demand.

US Joiner Announces Acquisition of Infinity Marine Offshore

Affiliates of US Joiner ("US Joiner") announced today the acquisition of Infinity Offshore Marine, LLC ("Infinity"). Infinity is a provider of turnkey marine joiner solutions to the offshore oil and gas market. The company's headquarters is in Houston, TX and it has operations in Brazil. This acquisition will enable US Joiner to further establish its position in the offshore oil and gas market segment and provide it a presence in Brazil. US Joiner is an independent domestic provider of turnkey marine joiner and furniture solutions for U.S. Government and commercial customers.

GranInvestimentos and Royal IHC Join Forces

Brazilian company GranInvestimentos and Dutch company Royal IHC are joining forces to deliver integrated life cycle solutions to customers in the oil and gas sector. Through this partnership, both companies are set to increase their operational and service activities, and expand their presence in Latin America. The association came into effect when IHC acquired a 50 percent share of GranEnergia – a subsidiary of GranInvestimentos that is active in the oil and gas market. The new partnership will be named GranIHC Services. It will provide integrated services to customers in the oil and gas industry in the fields of offshore maintenance and repair, logistical services and infrastructure facilities.

Kvaerner Invests in New Quay at Stord

(Image: Kvaerner)

Kvaerner said it plans to invest NOK 370 million ($46.8 million) in a new quay at the company's facility at Stord. "The objective for this upgrade will be to make the facility more flexible. We invest now to strengthen our competitiveness, and this extension will position Kvaerner for deliveries of new solutions to both oil and gas projects and other market segments," said Kvaerner president & CEO, Jan Arve Haugan. The investment is subject to approval by Kvaerner's Board of Directors within a short period of time.

Freudenberg acquires Vector Technology Group

Freudenberg Oil & Gas expands its position and expertise in the upstream segment of the oil and gas market with innovator in offshore sealing solutions. Freudenberg Oil & Gas announced that on January 11, 2013, 100% of the shares of Vector Technology Group, a major global supplier of high integrity sealing solutions for the oil and gas industry, were acquired by parent company Freudenberg Group, headquartered in Weinheim, Germany. The shares were acquired from the private equity firm HitecVision headquartered in Stavanger, Norway.

Sulzer Takes Measures in the Pumps Equipment Division

SBR Factory Jundiai

Based on the current challenging environment in the oil and gas market, Sulzer decided to take measures to streamline the manufacturing capacities of its Pumps Equipment division. Since the beginning of 2015, Sulzer’s Pumps Equipment division has been organized in three market-oriented business units Oil and Gas, Power, and Water, a dedicated global Parts, Retrofit, and Nuclear Services organization, and a Global Operations network. With the new setup, the company targets to make better use of its capacity and improve quality.

Maersk Energy: Uptick in Offshore Oil

(File photo: Maersk Oil)

COPENHAGEN, Feb 20 (Reuters) - Prospects for the offshore oil drilling market are improving but profits for drillers are still under pressure and rates will not rise before 2019, the head of A.P. Moller-Maersk's energy business said. Oil firms have seen cash flow climb in 2017 a high since a three-year slump in crude prices, lifted by their cost-cutting plans and a crude price recovery. Although this has spurred new investment, it has yet to benefit suppliers, such as Maersk,…

Aker Solutions Expands Indonesian Facility

Aker Solutions has opened a new, expanded manufacturing facility for surface trees and wellheads in Batam, Indonesia. The expansion is part of Aker Solutions' strategy to increase its presence in the Asia Pacific oil and gas markets. Aker Solutions has invested $17 million into the expansion, which included a 700-square-meter increase in building space, two new workshops, and a new warehouse. The facility now encompasses a total of 21,800 square meters.

Zamakona Earns Achilles FPAL Certificate

Photo: Zamakona Yards

Shipbuilding and repair group Zamakona Yards reports it has once again received the Achilles FPAL Assessment Certificate. The certificate indicates that industry group Achilles has approved Zamakona following an evaluation of its service in terms of quality, health, safety, environment, competence and training. Achilles FPAL aims to identify, evaluate and prequalify suppliers on behalf of the main actors in the oil and gas market. FPAL objectively analyzes company services, comparing…

CEVA launches City of Energy in Middle East

City_of_energy

CEVA Logistics, one of the world’s leading global supply chain management companies, today announced the official opening of the City of Energy in the United Arab Emirates. The hub, which covers an area of 27,000 sqm of warehouse space and 10,000 sqm of yard space, is strategically located in Jebel Ali Free Zone in Dubai and is fully dedicated to the warehousing and handling of oil and gas products for the Energy sector. The cutting-edge logistics platform is unique in the Middle East, being the first logistics company with a facility dedicated solely to the oil and gas market.

MISC Enters Thai Offshore O&G Market

Pairoj Kaweeyanun, President of Chevron Offshore Thailand, Ltd., and Tuan Syed Hashim Syed Abdullah, Vice President Offshore Business of MISC Berhad, after the signing of agreement between Chevron Offshore (Thailand) Ltd. and MISC Offshore Floating Terminals (L) Limited. (Photo: MISC Berhad)

Energy related maritime solutions and services provider MISC Berhad (MISC) has made inroads into Thailand’s offshore oil and gas market for the first time. MISC’s wholly-owned subsidiary, MISC Offshore Floating Terminals (L) Limited (MOFT) signed a contract for the lease and operations of a Floating, Storage and Offloading Vessel (FSO) for the FSO Benchamas 2 Project by Chevron Offshore (Thailand) Ltd. (COTL) in the Gulf of Thailand. The contract was secured through an international competitive bidding process and marks MISC’s maiden foray into Thailand’s offshore oil and gas market.

Canyon Offshore Wins Contract on Deepwater Canyon Express

Canyon Offshore has been awarded a one-year Remotely Operated Vehicle services contract to support maintenance on the Canyon Express development in Mississippi Canyon in the Gulf of Mexico. At 7,200 feet of water, Canyon Express is the deepest operating production project in the world and includes three separate gas fields, King’s Peak, Aconcagua and Camden Hills. Under the terms of the contract, Canyon will provide integrated ROV and DP vessel services on an ongoing scheduled and callout basis. Initial planned work includes a detailed baseline CP and visual survey of the East and West flowlines, and the main umbilical and methanol coiled tubing lines. In addition, Canyon will replace subsea chemical injection valves and undertake other field maintenance and intervention tasks as required.

Sonatrach Eyes More Vessels to Boost Asia Gas Sales

(Photo: Sonatrach)

Algeria will acquire more vessels to transport gas to Asia as it eyes increased sales in that region, the chief executive of state energy firm Sonatrach said on Monday. "With Russia and the U.S., gas competition is tough," Abdelmoumen Ould Kaddour told reporters during a visit to the Hassi Messaoud oilfield. He gave no details. Kaddour also said Sonatrach's oil drilling in Algeria's southern neighbour Niger, where a Sonatrach unit was awarded a production-sharing deal in 2015, had been "satisfying" so far.

Fugro Cut Costs on Market Downturn

Sales down 2.1 percent, order backlog falls 11 percent. Dutch marine services company Fugro said on Wednesday it would further cut costs and reduce the number of ships in its fleet in light of the continuing downturn in the oil market affecting its customers. The company reported a 2.1 percent fall in sales to 594 million euros ($652 million) for the first quarter of 2015 from the same period a year ago. It said its order backlog for the remainder of 2015 has fallen by 11 percent to 1.61 billion euros. "The drop in backlog however is a clear signal of the continuing downturn in the oil and gas market," CEO Paul van Riel said in a trading update. "In light of oil and gas market developments and reduced visibility, we have decided to implement additional cost reduction measures," he said.

RigNet Gets Brazil Offshore Communications Contract

RigNet wins 6-year contract from major contractor for managed remote communications services on an ultra-deepwater drill rig. "It is a pleasure to bring the Brazilian oil and gas market high-quality, leading managed communications services," said Mauricio Rubinsztajn, RigNet's Brazil General Manager. Through VSAT technology solutions, RigNet is able to meet two priorities for the oil and gas community: high-performance and security. The demands on reliable offshore and onshore communication systems require dependable and efficient support around the clock. RigNet's Network Operation Center provides 24/7 network monitoring and can dispatch local field technicians when required.

Ron Person Joins Klüber

Photo: Klϋber

KlĎ‹ber Lubrication, a worldwide manufacturer of specialty lubricants, announced that Ron Person has joined its North American operations as director of business development for oil and gas. In his new role, Person will be responsible for further developing application-specific support and customer service initiatives designed to better position Klüber Lubrication as a specialty lubricant producer in the oil and gas market. Person will work closely with key equipment manufacturers in the industry to match existing Klüber products to applications…

BG Global LNG Appoints New VP

BG Global LNG appointed David Maxwell to the leadership team of the Global LNG business, according to a Chron.com report. As vice president and general manager, LNG Business Development, Maxwell will be responsible for developing new LNG opportunities in Asia Pacific for BG as well as helping to realize existing opportunities. Maxwell was with Woodside where he was director, Gas and Marketing and was involved in the development of Woodside's natural gas and LNG portfolio. He brings an in-depth knowledge of the oil and gas markets in the Asia Pacific region. Prior to this he was with Santos and had responsibility for marketing and business development. Maxwell will be based in BG's offices in Singapore. Source: Chron.com

BG Global LNG Appoints New VP

BG Global LNG appointed David Maxwell to the leadership team of the Global LNG business, according to a Chron.com report. As vice president and general manager, LNG Business Development, Maxwell will be responsible for developing new LNG opportunities in Asia Pacific for BG as well as helping to realize existing opportunities. Maxwell was with Woodside where he was director, Gas and Marketing and was involved in the development of Woodside's natural gas and LNG portfolio. He brings an in-depth knowledge of the oil and gas markets in the Asia Pacific region. Prior to this he was with Santos and had responsibility for marketing and business development. Maxwell will be based in BG's offices in Singapore. Source: Chron.com

Kittiwake Appoints Lucas

Kittiwake Developments Limited, a leader in onsite and online condition monitoring equipment for fuel oil, lubricating oil and industrial water announced the appointment of Martin Lucas as Managing Director. Lucas, who took up his new position in September, has been involved in the development, manufacture and sale of instrumentation for the last 25 years and has operated in the aviation, marine, industrial and oil and gas markets during this time. He joined Kittiwake in 2000 as Sales Manager for Fuel and Lube Products focussing on the development of the business into new markets and expanding the business geographically. He was responsible…

Harris Pye Opens New Office in Dubai

Harris Pye marked another milestone in their bid for further global expansion last week with the opening of their brand new company in Jumeirah Lakes Towers, Dubai, United Arab Emirates. This company was established to centralize engineering teams to support global business dealings with regard to offshore. Mark Prendergast Group Managing Director commented, "This office is specifically set for a purpose - the oil and gas market sector." With the management's sights set on expansion within the offshore market the new branch opening should allow for some fierce competition. Dubai was selected from a shortlist as it presented Harris Pye with an exceptional level of resources and skill sets by experienced personnel.

Shoaibi Group, GMS in Joint Venture

A new joint venture between Saudi Arabia’s Shoaibi Group (SG) and the UAE’s Gulf Marine Services (GMS) has been created to provide offshore barge operation services. The new company, named “Gulf Maritime Services Saudi Arabia Ltd” (GMSSA), will be based in Al Khobar, Saudi Arabia, and will allow the JV partners to expand their off-shore operations of barge charters and avail from the scale of opportunity and future potential for all offshore areas arising in the region. Gulf Marine Services is currently the largest elevating support vessel operator in the Middle East…

Transocean Upbeat About Offshore Recovery, Despite Quarterly Loss

File photo: Transocean

Drilling contractor Transocean Ltd on Wednesday expressed optimism about a recovery in offshore drilling activity this year, despite reporting its third quarterly loss in a row. Companies that provide services and equipment for oil and gas exploration and production, among the worst hit by the 2014 oil price downturn, have grown optimistic about the future as oil prices recently have bounced back. In recent quarters, companies that focus on providing services to onshore shale producers have posted the biggest gains…

Maritime Reporter Magazine Cover Feb 2018 - Cruise Ship Annual

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